{"id":69446,"date":"2022-11-02T13:15:59","date_gmt":"2022-11-02T11:15:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69446"},"modified":"2025-09-07T20:05:59","modified_gmt":"2025-09-07T17:05:59","slug":"singapore-authorities-tested-operations-with-tokenised-fiat-currencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/singapore-authorities-tested-operations-with-tokenised-fiat-currencies\/","title":{"rendered":"Singapore authorities tested operations with tokenised fiat currencies"},"content":{"rendered":"<p>The Monetary Authority of Singapore (MAS) carried out a fiat-currency operation as part of a pilot project to explore the potential of DeFi for <a href=\"https:\/\/www.investopedia.com\/articles\/economics\/09\/when-wholesale-funding-goes-bad.asp#\">\u043e\u043f\u0442\u043e\u0432\u043e\u0433\u043e \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f<\/a>. The announcement was made on the agency&#8217;s website.<\/p>\n<p><!--more--><\/p>\n<p>During the test, DBS Bank, JPMorgan and SBI Digital Asset Holdings interacted with liquidity pools composed of tokenised Japanese yen, the Singapore dollar, and Singapore government securities.<\/p>\n<p>The technology from <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-polygon-matic\">Polygon<\/a> was employed to minimise transactional costs in carrying out financial operations associated with <span data-descr=\"Policy \\\"Know Your Customer\\\".\" class=\"old_tooltip\">KYC<\/span>-procedures.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">1st, we used <a href=\"https:\/\/twitter.com\/0xPolygon?ref_src=twsrc%5Etfw\">@0xPolygon<\/a> for the trade because we wanted to do this on <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a> and needed cheap gas fees for some expensive operations around Identity verification. Future phases of Guardian will explore other blockchains too given the MAS goal for open\/interoperable networks.<\/p>\n<p>\u2014 Ty Lobban (@TyLobban) <a href=\"https:\/\/twitter.com\/TyLobban\/status\/1587679349196877824?ref_src=twsrc%5Etfw\">November 2, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On the second step, the institutional platform <a href=\"https:\/\/u1f987.com\/en\/news\/aave-to-launch-institutional-defi-platform-aave-arc\">Aave Arc<\/a> was used, adopting a &#8220;permissioned-pools&#8221; concept. It allowed setting various parameters, including interest rates.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">2nd, we used <a href=\"https:\/\/twitter.com\/AaveAave?ref_src=twsrc%5Etfw\">@AaveAave<\/a> so that we could leverage their permissioned pools concept. We deployed a modified version of Aave Arc so that we could set certain parameters such as interest rate and fx rates. You can see the lending pool we deployed here <a href=\"https:\/\/t.co\/GUbjTIKLN5\">https:\/\/t.co\/GUbjTIKLN5<\/a><\/p>\n<p>\u2014 Ty Lobban (@TyLobban) <a href=\"https:\/\/twitter.com\/TyLobban\/status\/1587679352405528576?ref_src=twsrc%5Etfw\">November 2, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Subsequently, JPMorgan issued tokens representing tokenised Singapore dollar deposits.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">3rd, we issued Tokenized Singapore Dollar Deposits! \ud83d\udcb8This is a deposit token which is a general liability of JPM. It\u2019s a native token giving stable on-chain value without the scalability issues of stablecoins. This is the 1st issuance of Tokenized Deposits by a Bank!<\/p>\n<p>\u2014 Ty Lobban (@TyLobban) <a href=\"https:\/\/twitter.com\/TyLobban\/status\/1587679356067131393?ref_src=twsrc%5Etfw\">November 2, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The finance executive Ty Lobban stressed that subsequent stages of the pilot would also involve other blockchains.<\/p>\n<p>According to MAS officials, the new approach eliminates costs associated with using intermediaries for clearing and other settlements, as well as with the &#8220;managing bilateral trading relationships&#8221; in over-the-counter markets.<\/p>\n<p>Earlier, the Monetary Authority of Singapore <a href=\"https:\/\/u1f987.com\/en\/news\/mas-proposes-tighter-oversight-of-the-crypto-industry\">proposed<\/a> to tighten regulation of the crypto industry.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MAS conducted a fiat-currency operation to explore the potential of DeFi.<\/p>\n","protected":false},"author":1,"featured_media":69447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1212,1282,1264,946],"class_list":["post-69446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aave","tag-asset-tokenization","tag-polygon-matic","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69446"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69446\/revisions"}],"predecessor-version":[{"id":69448,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69446\/revisions\/69448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69447"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}